OMV is also formally losing its holdings in Siberian gas deposits. The company has long ruled out its Russian business on its books.
According to a presidential decree, Austrian OMV and German Wintershall Dea will formally lose their stakes in gas production projects in the Russian Arctic. All activities with Russian involvement, including Wintershall Dea's participation in the Nord Stream gas pipeline and joint ventures with Gazprom, are to be legally separated by mid-2024, according to a decree signed by Kremlin chief Vladimir Putin on Tuesday. fair.
Thus, the interests of OMV and Wintershall Dea in the Yuzhno Russkoye field and the Achimov projects, both located in the Yamal-Nenets region in the far north of Russia, will be transferred to newly founded Russian companies. All shares that foreign companies hold in joint ventures with gas giant Gazprom will be transferred to the new Russian companies. The proceeds from the sale of shares will be transferred to special accounts of the previous foreign owners, it continues. All previously valid company contracts will cease to be valid after the signing of the decree.
OMV has already canceled Russia
The OMV had already withdrawn from Russia last year, following the outbreak of the conflict in Ukraine, and also drew the appropriate conclusions in the books. OMV had to write off its Russian activities – including its involvement in the Nord Stream 2 offshore gas pipeline – almost two billion euros. Wintershall Dea, a joint venture between BASF and Russian billionaire Mikhail Fridman's LetterOne investment company, is about to withdraw from Russia. (APA/Portal)